https://www.taxtmi.com/highlights?id=102275 Additions for alleged unexplained chit subscriptions require year-specific corroborative evidence; an annual average derived from aggregate chit dealings and an uncorroborated statement cannot establish fresh investment in the relevant year. Loose sheets showing unpaid instalments and loan liabilities do not prove undisclosed income where bid amounts were repayable through later instalments. Likewise, unexplained interest expenditure requires evidence of actual payment in the relevant year; an estimate based on averaged aggregate figures is insufficient, particularly where interest was deducted upfront from borrowings. The ITAT sustained deletion of additions under sections 69 and 69C and dismissed the Revenue's appeals. en-us Sat, 01 Aug 2026 08:34:29 +0530 Sat, 01 Aug 2026 08:34:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102275 Additions for alleged unexplained chit subscriptions require year-specific corroborative evidence; an annual average derived from aggregate chit dealings and an uncorroborated statement cannot establish fresh investment in the relevant year. Loose sheets showing unpaid instalments and loan liabilities do not prove undisclosed income where bid amounts were repayable through later instalments. Likewise, unexplained interest expenditure requires evidence of actual payment in the relevant year; an estimate based on averaged aggregate figures is insufficient, particularly where interest was deducted upfront from borrowings. The ITAT sustained deletion of additions under sections 69 and 69C and dismissed the Revenue's appeals. Highlights Income Tax Sat, 01 Aug 2026 08:34:29 +0530 https://www.taxtmi.com/highlights?id=102275